Risk Roundup – September 2017
The new COSO Enterprise Risk Management framework was developed by PwC under the direction of the COSO board. The framework is designed to turn a preventative, process-based risk monologue into a proactive, opportunities-focused conversation to uncover how risk management can create, preserve and realize quality and value. PwC’s COSO ERM framework microsite includes information on key concepts covered by the update. Read more
Internal auditors around the world should take note of the release of the updated COSO enterprise risk management framework. In COSO’s new update, risk professionals have a comprehensive and sophisticated tool that advocates the value of ERM when setting and carrying out strategy. Importantly, the update also provides stronger guidance on just what ERM is and isn’t. Read more
This article includes 14 assessment questions to help you determine whether the COSO ERM update has achieved its objective or not. Assess the updated framework by rating each of the 14 questions on a scale of 1-10. When you rate, consider whether the COSO discussion provides practical guidance or just makes a theoretical point. Read more
Ten trends have the potential to significantly alter the risk landscape for companies around the world and change how they respond to and manage risk. These trends span a number of categories, from technological advancements to business process and managerial innovations to macroeconomic forces. While each of these trends provides multiple opportunities to improve risk management, each one also carries with it one or more potential pitfalls or liabilities that organizations should consider. Read more
Engie is a global energy player and an expert operator in electricity, natural gas and energy services. The Group’s ambition is to be the world leader in energy transition by investing €16 billion over the 2016-2018 period. For Engie, the use of a risk management software system is essential to mitigate risks that threaten corporate objectives and its vision of being the world leader in energy transition. Read more
4 Reasons to Improve Operational Risk Management in Manufacturing
Many people view operational risks through the lens of safety management: improving worker and process safety leads to more productive operations, while the mitigation of operational risks reduces injuries and illnesses. For manufacturers, it is important to see the link between safety and operational risk management. But the rationale for improving operational risk management goes beyond safety. Read more
By capitalizing on the wealth of data now available, from your own business activities as well as external sources, internal audit (IA) can generate valuable new insights, provide greater assurance, and rewrite the rulebook on traditional auditing techniques. With new opportunities and risks around every corner, making the right decision at the right time has never been more important. By embedding analytics in every phase of the audit process, IA can help you navigate a world that has become vastly more volatile, uncertain, and complex. Read more
Execution risk looms large. Consider, for example, the risks involved in expanding globally or in changing your business model, or even in getting projects that are off the rails back on track. Solutions may entail everything from reorganizing your own group to upgrading talent, structure, systems, and processes, possibly all at once. Read more
In his book “World-Class Risk Management”, thought leader Norman Marks reviews the eleven principles in the ISO 31000:2009 global risk management standard and condenses them to just six. This article lists the six principles so you can assess your risk management activity against them. Read more
When companies fail to achieve their objectives, they mostly blame the economy, market trends, technology, processes, people, etc. But they rarely mention the lack of effective risk management, and how they failed to recognize risks that were not addressed. Read more
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SPF Americas 2017 will take place on September 26-27 in Chicago, and will bring together more than 500 EHS, Sustainability, Risk and IT professionals from the world’s largest corporations. Register today and don’t miss out on 50+ sessions and countless opportunities to network with your peers.